Capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 June 2014 whether the income from shrot term gains/long term gains have to clubbed in the statement of income and then assess the gains seperately. pl. clarify

Nikhil Kaushik

Nikhil Kaushik (Expert)
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07 June 2014 to arrive at total income, all the incomes earned including capital gains are to be clubbed/added together.

Thereafter, for computing tax liability, you need to consider the items with different tax rates separately and also provide for exemption, if any, claimed.

Rupesh Jain

Rupesh Jain (Expert)
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07 June 2014 you can club the income of capital gain but when you calculate tax on income then you have to consider separately.

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Deepika Anand

Deepika Anand (Expert)
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07 June 2014 Yes,first of all you have to calculate your GTI by adding income under the five heads.After that calculate your TI by providing for deductions under Ch VI A.You will arrive at your total income.

Out of this TI deduct your STCG and tax them accordingly and the remaining income at the prevailing rates.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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07 June 2014 Dear Deepika,

not only STCG, but LTCG also needs to separated.

Deepika Anand

Deepika Anand (Expert)
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07 June 2014 Dear Nikhil

Agreed with your point.It was unintentionally omiited.:)